Remitly Global (NASDAQ:RELY) Shares Gap Up Following Earnings Beat

Shares of Remitly Global, Inc. (NASDAQ:RELY) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $21.09, but opened at $23.26. Remitly Global shares last traded at $22.97, with a volume of 910,337 shares.

The financial services provider reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.09. The firm had revenue of $361.62 million for the quarter, compared to analyst estimates of $347.81 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The company’s revenue was up 34.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.11) EPS.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RELY. BMO Capital Markets boosted their price target on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. JMP Securities restated a “market outperform” rating and set a $32.00 target price on shares of Remitly Global in a report on Thursday, April 10th. Barclays lifted their price target on Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Monness Crespi & Hardt increased their price objective on Remitly Global from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday. Finally, William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $29.13.

Insider Transactions at Remitly Global

In related news, insider Joshua Hug sold 10,000 shares of the company’s stock in a transaction on Thursday, April 17th. The stock was sold at an average price of $19.71, for a total transaction of $197,100.00. Following the completion of the sale, the insider now owns 3,823,811 shares in the company, valued at approximately $75,367,314.81. This represents a 0.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ankur Sinha sold 5,000 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the transaction, the insider now directly owns 397,805 shares in the company, valued at $7,562,273.05. The trade was a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 77,301 shares of company stock worth $1,560,012. Corporate insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Several institutional investors have recently made changes to their positions in RELY. Global Retirement Partners LLC purchased a new stake in Remitly Global in the fourth quarter worth about $28,000. Exchange Traded Concepts LLC purchased a new stake in Remitly Global in the 1st quarter worth approximately $46,000. R Squared Ltd bought a new stake in Remitly Global during the 4th quarter worth approximately $89,000. Wilmington Savings Fund Society FSB purchased a new position in Remitly Global during the fourth quarter valued at approximately $135,000. Finally, KBC Group NV boosted its position in shares of Remitly Global by 49.7% in the fourth quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock worth $138,000 after purchasing an additional 2,033 shares during the period. Institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Down 1.2 %

The stock has a market capitalization of $4.86 billion, a PE ratio of -125.58 and a beta of 0.16. The stock’s 50 day moving average price is $20.41 and its 200-day moving average price is $21.36.

About Remitly Global

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.